Three machines are employed in an isolated area

Reference no: EM13696810

1. Three machines are employed in an isolated area. They each produce 2000 units of output per month, the first requiring $20,000 in raw materials, the second $25,000, and the third $28,000. What would you expect to be the monthly charge for the first and second machines if the services of the third machine can be hired at a price of $9000 per month? Which parts of the charges for the first two machines is economic rent?

2. Why do you think, even though high school education in other countries is widely considered to be better than that in the United States, every country sends its best and brightest to the United States to get their Doctorate degrees?

Reference no: EM13696810

Questions Cloud

Under the taft-hartley act-under right-to-work laws : Union membership reached its peak: The generally pro-labor stance that had prevailed in legislation during the Great Depression was reversed by the: Under the Taft-Hartley Act, the President of the United States can obtain a court or preventing a str..

The practice of electronic employee surveillance : Argue for or against the practice of electronic employee surveillance at work. Provide specific examples to support your argument. What laws, if any, may be violated by such practices?

Arrangement be treated as a partnership for tax purposes : Assume that two individuals, each of whom is engaged in the business of providing whale watching tours, jointly acquire a fishing vessel. Each individual uses the boat in his separate business, and neither accounts to the other for profits earn..

How does this affect the dominant firms power : The market for a certain machine part is served by a dominant firm with competitive fring. Because of the development of new,? More flexible machine tools, firms that previously specialized in the production of other machine parts acquire the capacit..

Three machines are employed in an isolated area : Three machines are employed in an isolated area. They each produce 2000 units of output per month, the first requiring $20,000 in raw materials, the second $25,000, and the third $28,000. What would you expect to be the monthly charge for the first a..

Determine the profit of the restaurant : The Blue Dragon Restaurant is a new Chinese Restaurant in town. As the only Chinese restaurant in the area, it faces the following daily demand curve: Q = 800 - 40 P where Q is the number of meals it serves per day and P is the average price of its m..

Concepts represents the extra revenue a firm receives : 1. Which of the following concepts represents the extra revenue a firm receives from the services of an additional unit of a factor of production?

What is elasticity of its demand with respect to advertising : Determine the profit maximizing ticket price for the theater. What is the price elasticity of its demand at this price? What is the elasticity of its demand with respect to advertising?

The demand for a product would be more inelastic : Capitalism refers to: a. the use of markets b. government ownership of capital goods c. private ownership of capital goods d. private ownership of homes & cars

User Account

All Pages